Summary of this article
Jio Platforms plans to raise Rs 27,500 crore primarily to repay debt
Revenue rose 14.6 per cent while profit increased 15.10 per cent in FY26
IPO valuation depends on pricing, while subsidiaries face Rs 10,811 crore tax proceedings
Jio Platforms has received approval from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO), clearing the regulatory hurdle for Reliance Industries’ digital and telecom platform to tap the public markets. Jio Platforms is the holding company for Reliance Jio Infocomm and other digital businesses. Reliance Industries is its promoter and holds 66.43 per cent of the stake. Reliance Jio Infocomm is the company’s material subsidiary.
Here are 10 things investors need to know about the proposed IPO.
1] Fresh issue of up to 270 million shares:
The IPO will comprise a fresh issue of up to 270 million equity shares of face value Rs 10 each. There will be no offer for sale (OFS) component by existing shareholders. The issue will also have reservations for employees and eligible shareholders of Reliance Industries. The price band, IPO dates and lot size have not been disclosed yet.
2] Rs 27,500 crore will be used to repay debt:
Jio Platforms will use up to Rs 27,500 crore of the net IPO proceeds to prepay, fully or partly, Reliance Jio Infocomm’s borrowings. It will use the remaining proceeds for general corporate purposes, subject to a cap of 25 per cent of the gross IPO proceeds.
As on March 31, 2026, Jio Platforms had total borrowings of Rs 70,781 crore.
3] Jio is positioning itself as a technology platform:
Jio Platforms is not just a telecom business. Its platform combines digital connectivity with consumer and enterprise services. Its technology stack covers network infrastructure, devices, operating systems and digital applications. The company had 11,303 employees in its digital products and technology development team as on March 31, 2026, around 40 per cent of its total full-time workforce.
4] It has 524.4 million customers:
Jio had more than 524.40 million customers as on March 31, 2026. Its 5G subscriber base stood at 268.50 million. The company carried around 60 per cent of India’s wireless data traffic in FY26, according to the Analysys Mason report cited in the DRHP.
5] JioBrain and patents are part of the growth story:
Jio Platforms and its subsidiaries had applied for 6,817 patents as on March 31, 2026. This included 2,393 applications in India and 4,424 in foreign jurisdictions.
The company is also using its JioBrain AI platform for network automation, capacity allocation, fault prediction, resolution and network optimisation.
6] FY26 revenue, profit and Ebitda rose:
Jio Platforms reported revenue of Rs 1,46,885 crore in FY26, up 14.6 per cent from Rs 1,28,218 crore in FY25. Its profit after tax (PAT) rose 15.10 per cent to Rs 30,049 crore from Rs 26,109 crore a year earlier. The company’s earnings before interest, tax, and amortisation (Ebitda) increased 18.80 per cent to Rs 76,255 crore from Rs 64,170 crore. The Ebitda margin improved to 51.91 per cent from 50.05 per cent.
Its earnings per share (EPS) rose 15.10 per cent to Rs 33.63 from Rs 29.21 in FY25.
7] Debt has fallen sharply on a leverage basis:
Jio Platforms’ net debt stood at Rs 27,579 crore as on March 31, 2026. Net leverage declined to 0.36 times from 0.71 times in FY25. The proposed debt repayment is expected to further reduce the company’s net debt.
8] Global investors remain shareholders:
Reliance Industries is the promoter with a 66.43 per cent pre-issue stake. Jio Platforms counts Meta, Google, Saudi Arabia’s Public Investment Fund, KKR, Silver Lake, General Atlantic, Mubadala, Abu Dhabi Investment Authority, Qualcomm and Intel among its investors. These investors acquired stakes during the company’s 2020 fundraise and continue to remain shareholders.
9] Valuation will depend on the IPO price:
Jio Platforms has not yet disclosed its price band. So, its IPO valuation cannot be determined from the draft red herring prospectus (DRHP) alone. The company identifies Bharti Airtel and Vodafone Idea as its listed peers. The DRHP cites price-to-earnings (P-E) multiples of 42.27 times for Bharti Airtel and 4.65 times for Vodafone Idea.
Jio Platforms reported FY26 EPS of Rs 33.63. Its eventual valuation will depend on the final issue price, which will determine the P-E multiple at which the company lists.
10] Legal proceedings:
Jio Platforms has eight ongoing tax proceedings against it, involving a total amount of Rs 7.40 crore. The tax disputes against the parent company are relatively small compared with those involving its subsidiaries.
The DRHP lists 200 tax proceedings against subsidiaries, involving Rs 10,811 crore. These subsidiary-level disputes are pending before various judicial forums.
The DRHP says the claims in these matters aggregate to Rs 6,766.70 crore. Jio Platforms has not recognised these demands as contingent liabilities in its restated consolidated financial statements, citing judicial precedents and its assessment of the merits of the disputes.
